CT city looks to accelerate business, job growth. Why five overseas tech firms might be the solution. [Hartford Courant]

Five tech firms from the United Kingdom that work with insurance companies will establish small outposts in Hartford this year, the first steps in an ambitious vision for fostering trans-Atlantic connections with Connecticut to accelerate business and job growth.

The scale initially will be small, just a handful of workers for each of the U.K. firms in the Hartford offices. But the hope for the InsurTech Corridor between Connecticut and the UK is that participating firms will expand their worker rolls and expertise in Hartford and elsewhere in Connecticut.

Daniel O’Keefe, the state’s designated commissioner of economic and community development, acknowledged Tuesday that the presence of the companies would start out modest.

“While that is true, big companies were once small,” O’Keefe said. “And these are the companies that really represent the future of these incredibly important industries. Important to us, but also to (the UK.)”

O’Keefe’s comments came at a news conference at the Capitol, following a one-day, whirlwind visit to Hartford by the Lord Mayor of London, Michael Mainelli.

Mainelli, the first American-born lord mayor of London, was already somewhat familiar with Hartford because his parents had once lived in the city. But Mainelli was seeing Hartford through fresh eyes Tuesday, meeting with executives and innovation teams of insurance giants with major presences in city: Travelers, The Hartford Financial Services Group and Nassau Re.

His visit also comes two months after Bradley International Airport disclosed that it is working to add a second trans-Atlantic route to London. The London route would be alongside the Aer Lingus route to Dublin.

The five UK firms are Slipcase, a provider of curated news and content for specialized sectors of insurance and risk management; Previsico, a forecaster of floods who designs plans to ease their impact; and MatrixiQ, a provider of next-generation technology to monitor vehicle and other equipment using GPS technology and on-board diagnostics to plot movements on a computer map.

Also, Gaia Family, which develops personalized IVF, or in vitro fertilization, plans based on risk profiles; and Wrisk Insurance, a builder of “mobile-first” insurance alternatives. Wrisk has already set up an office in Hartford.

Mainelli said the intent of the corridor is not only to establish UK firms in Connecticut but also the other way around. Both Connecticut, particularly Hartford, and the UK, especially London, have deep roots in insurance and have long been recognized as leaders in the industry.

“The point is that through these connections we will prosper and we truly appreciate the support we have been getting from the industry here in Hartford, the government of the state and the government of the city,” Mainelli said.

Mainelli’s visit was hosted by the MetroHartford Alliance, the region’s chamber of commerce. The alliance and its insurance and financial services initiative as well as the state were key partners in the corridor agreement with the UK, signed in 2022.

The agreement was billed as the first state level financial services agreement between the two countries and had its start in 2019 with a U.S.-UK financial innovation partnership.

The partnership was designed to help British insurers navigate their way through a web of state regulations and overcome challenges making contact with investors and other businesses.

InsureTech is a growing segment of the insurance industry that includes startups selling niche insurance products and relying on data and digital technology. Hartford is looking to reshape itself as a center for technology innovation, just as it once was for manufacturing.

With the advent of digital technology that is disrupting insurance, the industry is now trying to harness it by drawing more startups to Connecticut.

Gov. Ned Lamont said both Connecticut and the UK have much to learn from each other and “it’s a two-way street, the insurtech.”

“Insurance is changing dramatically right now,” Lamont said. “The nature of the risk is upping geometrically. We have one of the British companies that’s come is helping us evaluate floods, it’s our 100-year floods that are coming every 10 years.”

Lamont said, “This is the nature of the risk, how we’re analyzing it — the AI, the artificial intelligence — this could change things dramatically and we’re able to cross-fertilize our ideas from both sides of the Atlantic. It helps us stay the insurance capital of America and help London stay the insurance capital of the world.”

In an interview, Mainelli said he is coming away from his trip to Hartford with new insights about the city.

“The biggest thing was the international outlook of Hartford,” Mainelli said. “Really not looking at this on a state regulatory basis, but truly looking international, the international discussions on AI. Hartford was really on top of this.”

Kenneth R. Gosselin can be reached at [email protected].

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